Russia to Ban Mutual Funds from Crypto Investments

The Russian Central Bank (Bank of Russia) has proposed banning mutual funds from acquiring crypto assets or related financial instruments.

According to the proposal, fund managers would not be allowed to buy cryptocurrencies and other “financial instruments whose value depends on prices of digital assets.”

The Bank of Russia explained that the measures will not only increase the investment potential of mutual funds but will also protect the rights of investors.

The Bank of Russia has already warned mutual funds against crypto as early as July but there are currently no Russian mutual funds with crypto exposure despite the absence of a formal ban. 

Suggestions or additions to the proposal would be allowed until December 27 but there is no information if the Kremlin is supportive of the measures. 

© Fourth Estate® — All Rights Reserved.
This material may not be published, broadcast, rewritten or redistributed.

Leave a Comment